Papeleo: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Papeleo
Largest movements
- Cash -€10,031
down €10,031 (-37.7%), from €26,622 to €16,591
mainly Other debts (-€9,160) and Current investments (-€8,076)
- Current investments +€8,076
up €8,076 (+3.0%), from €264,995 to €273,071
- Tangible fixed assets -€5,210
down €5,210 (-39.4%), from €13,210 to €8,000
of which Other tangible fixed assets: -€4,591
- Receivables within one year +€4,147
up €4,147 (+62.9%), from €6,593 to €10,739
of which Other amounts receivable: +€3,392
- Reserves +€10,750
up €10,750 (+6.1%), from €177,454 to €188,204
- Other debts -€9,160
down €9,160 (-55.4%), from €16,525 to €7,365
- Debts after one year -€5,775
down €5,775 (-34.7%), from €16,652 to €10,877
- Gross operating margin +€16,246
up €16,246 (+296%), from €5,491 to €21,737
- Taxes +€10,283
up €10,283, from -€5,427 to €4,856
- Financial income +€1,565
up €1,565 (+85.9%), from €1,823 to €3,387
- Financial charges -€942
down €942 (-30.5%), from €3,092 to €2,150
- Other operating charges -€296
down €296 (-18.6%), from €1,591 to €1,296
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €313,180 | €308,861 | -€4,319 | -1.4% |
| Fixed assets | 21/28 | €13,210 | €8,000 | -€5,210 | -39.4% |
| Tangible fixed assets | 22/27 | €13,210 | €8,000 | -€5,210 | -39.4% |
| Plant, machinery and equipment | 23 | €619 | €0 | -€619 | -100% |
| Other tangible fixed assets | 26 | €12,591 | €8,000 | -€4,591 | -36.5% |
| Current assets | 29/58 | €299,970 | €300,861 | +€891 | +0.3% |
| Amounts receivable within one year | 40/41 | €6,593 | €10,739 | +€4,147 | +62.9% |
| Trade receivables | 40 | €249 | €1,004 | +€754 | +302% |
| Other amounts receivable | 41 | €6,343 | €9,736 | +€3,392 | +53.5% |
| Current investments | 50/53 | €264,995 | €273,071 | +€8,076 | +3.0% |
| Cash at bank and in hand | 54/58 | €26,622 | €16,591 | -€10,031 | -37.7% |
| Deferred charges and accrued income | 490/1 | €1,761 | €460 | -€1,301 | -73.9% |
| Total equity and liabilities | 10/49 | €313,180 | €308,861 | -€4,319 | -1.4% |
| Equity | 10/15 | €270,033 | €280,813 | +€10,780 | +4.0% |
| Contributions | 10/11 | €92,500 | €92,500 | = | 0.0% |
| Reserves | 13 | €177,454 | €188,204 | +€10,750 | +6.1% |
| Distributable reserves | 133 | €177,454 | €188,204 | +€10,750 | +6.1% |
| Profit (loss) carried forward | 14 | €79 | €109 | +€30 | +37.5% |
| Amounts payable | 17/49 | €43,147 | €28,048 | -€15,098 | -35.0% |
| Amounts payable after more than one year | 17 | €16,652 | €10,877 | -€5,775 | -34.7% |
| Financial debts | 170/4 | €16,652 | €10,877 | -€5,775 | -34.7% |
| Amounts payable within one year | 42/48 | €26,495 | €17,171 | -€9,324 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €5,474 | €5,775 | +€301 | +5.5% |
| Financial debts | 43 | €1,489 | €788 | -€701 | -47.1% |
| Credit institutions | 430/8 | €1,489 | €788 | -€701 | -47.1% |
| Trade debts | 44 | €3,008 | €3,244 | +€236 | +7.9% |
| Suppliers | 440/4 | €3,008 | €3,244 | +€236 | +7.9% |
| Taxes, remuneration and social security | 45 | €0 | €0 | +€0 | +100% |
| Taxes | 450/3 | €0 | €0 | +€0 | +100% |
| Other amounts payable | 47/48 | €16,525 | €7,365 | -€9,160 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,427 | €5,210 | -€217 | -4.0% |
| Other operating charges | 640/8 | €1,591 | €1,296 | -€296 | -18.6% |
| Gross operating margin | 9900 | €5,491 | €21,737 | +€16,246 | +296% |
| Operating profit (loss) | 9901 | -€1,528 | €15,231 | +€16,759 | |
| Financial income | 75/76B | €1,823 | €3,387 | +€1,565 | +85.9% |
| Recurring financial income | 75 | €1,823 | €3,387 | +€1,565 | +85.9% |
| Financial charges | 65/66B | €3,092 | €2,150 | -€942 | -30.5% |
| Recurring financial charges | 65 | €3,092 | €2,150 | -€942 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,798 | €16,469 | +€19,266 | |
| Income taxes | 67/77 | -€5,427 | €4,856 | +€10,283 | |
| Profit (loss) for the period | 9904 | €2,629 | €11,613 | +€8,983 | +342% |
| Profit (loss) for the period to be appropriated | 9905 | €2,629 | €11,613 | +€8,983 | +342% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.